请务必仔细阅读正文之后的免责声明 证券研究报告 -10% 0% 10% 20% 2023-12-292024-01-112024-01-232024-02-022024-02-222024-03-052024-03-152024-03-272024-04-102024-04-222024-05-072024-05-172024-05-292024-06-112024-06-212024-07-032024-07-15 沪深300 电力 看好(维持) ——公用事业 2024 年第 29 周周报(20240721) 投资要点: 公用事业|电力 行业定期报告 ➢ 推荐低协方差资产组合:长江电力、华能水电、国投电力、川投能源、中国核电、中国广核。同时推荐上 海电力、黔源电力、湖北能源、东方电气、理工能科、皖天然气。 证券分析师 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com ➢ 推荐组合回顾(等权):本周推荐组合(长江电力、华能水电、国投电力、川投能源、中国核电、中国广 核,等权配置)上涨 1.02%,沪深 300 上涨 1.81%,同花顺全 A 上涨 0.85%,主动 ...

证券研究报告 金属与材料|有色金属 行业定期报告 证券分析师 田源 S1350524030001 tianyuan@huayuanstock.com 田庆争 S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 S1350524040002 xiangqirui@huayuanstock.com 联系人 相关研究 2024 年 07 月 21 日 金价创历史新高后,短期买点或需等待持仓企稳 看好(维持) ——有色金属 大宗金属周报(24/7/15-24/7/21) 投资要点: ➢ "特朗普交易"叠加市场对美联储降息预期空前浓厚,金价创历史新高,金价新高后多单平仓造成金价大幅 调整,短期买点或需等待持仓企稳。铜金中长期逻辑仍未改变,仍建议继续关注贵金属、低冶炼自给率的铜 和高氧化铝自给率的电解铝板块,小金属建议关注:钨、锰、锑和铟,同时可关注滞涨品种如镍和镁等。 ➢ 贵金属板块:"特朗普交易"叠加市场对美联储降息预期空前浓厚,金价创历史新高。金价新高后多单平仓 造成金价大幅调整,短期买点或需等待持仓企稳。伦敦现货黄金下跌 0.14%、上期所黄金上涨 0.65%,伦 ...

证券研究报告 金属与材料|有色金属 行业定期报告 证券分析师 田源 S1350524030001 tianyuan@huayuanstock.com 田庆争 S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 S1350524040002 xiangqirui@huayuanstock.com 联系人 相关研究 2024 年 7 月 21 日 碳酸锂持续下探,关注软磁和铜合金材料的主题机会 看好(维持) ——有色金属 能源金属&新材料周报(24/7/15-24/7/21) 投资要点: 能源金属方面,价格整体呈弱势运行趋势。锂:本周,碳酸锂价格下跌 3.73%至 86400 元/吨,氢氧化锂 价格下跌 1.40%至 81050 元/吨,近期市场偏弱震荡运行。供给端,碳酸锂产量稳步攀升,6 月碳酸锂产 量 64868 吨,环比上升 4%,增速放缓;需求端,补库行情结束,部分下游库存足够满足生产需求,长协 客供稳定下现货成交相对清淡。短期供给端有折价碳酸锂释放,周内价格受影响持续下探,预计后续价格 偏弱震荡运行。建议关注:天齐锂业、赣锋锂业、中矿资源、永兴材料。 钴: ...

证券研究报告 医药生物 行业定期报告 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 李强 S1350524040001 liqiang01@huayuanstock.com 《医药行业周报:否极泰来,积极布局潜力 品种》20240630 《医药行业周报:顶层明确支持创新药发展, 有望带动医药板块反弹》20240707 《医药行业周报:血制品外延还有多大空 间?》20240714 2024 年 07 月 21 日 医药企稳反弹,建议关注前期超跌个股 看好(维持) ——医药行业周报(24/7/15-24/7/19) 投资要点: 本周医药市场表现分析:本周整体市场出现明显超跌反弹迹象,如前期超跌的设备板块个股反弹明 显,如开立医疗(+12.4%)、怡和嘉业(+11.6%)和澳华内镜(+7.4%),以及基本面良好、但 前期回调较多的个股如新产业(+11.5%)、片仔癀(+10.8%)和华润三九(+7.0)等反弹也较为 明显;此外,中报业绩较好个股反弹依然较强,如天坛生物(+10.2%)。短期建议关注:1)超跌 反弹:医药指数呈现底部企稳反弹迹象,超跌个股有望迎来 ...

Investment Rating - Buy (Maintained) [14][20] Core Views - The company has acquired Green Cross, which includes 4 new plasma collection stations and 1 new production license, expanding its external growth potential [1] - The acquisition of Green Cross enhances the company's scale and core competitiveness, with new plasma station layouts in 2 additional provinces [1] - The company's operational efficiency is industry-leading, with Green Cross showing significant potential for increased plasma collection and profit per ton [9] - The strategic cooperation between Huarun Medicine and GC Corp opens up long-term growth opportunities, particularly in the blood products, vaccines, and gene therapy sectors [14] Financial Performance and Valuation - The company's blood products business achieved a net profit of 540 million yuan in 2023, with a high profit per ton of plasma [9] - Revenue is expected to grow by 7.5% in 2025 and 7.8% in 2026, with net profit growth rates of 8.3% and 12.9% respectively [10] - The company's gross margin is projected to increase from 60.8% in 2024 to 62.0% in 2026 [10] - The current stock price corresponds to a PE ratio of 32x for 2024, 30x for 2025, and 27x for 2026 [20] Market Performance - The company's stock price closed at 35.67 yuan on July 17, 2024, with a total market capitalization of 18 billion yuan [2] - The stock has shown a strong performance relative to the CSI 300 index, with significant growth potential [13] Strategic Developments - The acquisition of Green Cross for 1.82 billion yuan in cash is expected to enhance the company's plasma collection capabilities and market position [19] - The strategic partnership with GC Corp will facilitate the introduction of innovative products in China and expand Huarun Medicine's presence in South Korea [14]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][7]. Core Views - The company is the core power platform of the Datang Group, with potential for value reassessment under state-owned enterprise reforms and electricity system reforms [3][14]. - The company has a dominant position in installed capacity and asset scale among the four listed power platforms under the group, with a commitment to integrate the group's thermal power business [3][14]. - The company is expected to benefit from a shift in coal power's role to peak-shaving power under the electricity system reform, which may enhance the stability of coal power performance [3][9][23]. - The company plans to add over 30GW of new energy capacity during the 14th Five-Year Plan period, with new energy already becoming a major profit contributor [3][16][29]. Summary by Sections Datang Group Core Power Platform - The company is the largest listed power platform of the Datang Group, holding 53.09% of its shares as of the end of 2023 [3][14]. - The company has a total installed capacity of 73.29 million kilowatts, with coal, gas, wind, solar, and hydropower contributing to its portfolio [3][14]. - The company is under pressure to improve its market value as it currently holds over 60% of the group's power assets but only accounts for about 40% of its market value [3][14]. Thermal Power Dominance - The company's thermal power units are primarily located in northern China, with performance heavily influenced by coal prices [3][18]. - In Q1 2024, the company achieved a record net profit of 1.33 billion yuan, indicating recovery from previous losses due to high coal prices [3][18]. - The introduction of capacity pricing mechanisms is expected to stabilize coal power performance and enhance profitability [23][24]. Hydropower and Nuclear Participation - The company controls 9.2GW of hydropower assets, mainly in southwestern China, contributing approximately 1.4 billion yuan in profits in 2023 [3][25]. - The company holds a 44% stake in Ningde Nuclear Power, which provided around 1.271 billion yuan in investment income in 2023 [3][27]. Profit Forecast and Valuation - The company is projected to achieve net profits of 4.3 billion, 5.2 billion, and 6.1 billion yuan for 2024-2026, with a corresponding PE ratio of 18, 14, and 11 times [4][29]. - The intrinsic value of the company is estimated at 57 billion yuan, factoring in contributions from thermal, hydropower, and new energy segments [4][29]. - The company has a commitment to distribute at least 50% of its net profits as dividends, with a projected dividend yield of 3.9% for 2024 [4][29].

证券研究报告 医药生物 首次覆盖报告 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 林海霖 S1350524050002 linhailin@huayuanstock.com 市场表现: -30% -10% 10% 30% 50% 新产业 沪深300 相关研究 2024 年 07 月 17 日 新产业 (300832.SZ) 买入(首次覆盖) —— 从技术领先迈向全球领先的化学发光领导者 投资要点: ➢ 专注同一赛道近 30 年,打造国产发光头部品牌。新产业成立于 1995 年,持续聚焦化学发光产 品,形成自研仪器+试剂的产品矩阵,包括 10 款不同通量仪器,肿瘤、甲状腺、性腺、心肌标 记物等 199 项试剂项目,通过坚实的产品力和多年打造的渠道优势,公司产品进入 152 个国家 和地区,先后获得 FDA、CE list A 等全球高标准认证,跃然成为国内体外诊断出海标杆,长期 迈向化学发光全球份额领先。 ➢ 技术迭代引领行业趋势,装机稳居前列。截至 2023 年,公司研发费用占收入占比达到 9.31%,2018-2023年比例稳步提升,持续研发投入奠定 ...

证券研究报告 建筑材料 行业定期报告 证券分析师 戴铭余 S1350524060003 daimingyu@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 板块表现: -30% -20% -10% 0% 10% 20% 2023-072023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-07 建材 沪深300 相关研究 2024 年 07 月 16 日 地产政策关注度高,板块配置价值提升 中性(维持) ——建材行业 2024 年第 28 周周报 投资要点: ➢ 数据跟踪:(1)水泥:全国 42.5 水泥平均价为 393.0 元/吨,环比上升 3.7 元/吨, 同比上升 18.8 元/吨。(2)浮法玻璃:全国 5mm 浮法玻璃均价为 1639.7 元/吨, 环比下降 50.6 元/吨,同比下降 352.9 元/吨。(3)光伏玻璃:2.0mm 镀膜均价为 15.3 元/平,环比不变,同比下降 2.3 元/平。3.2mm 镀膜 ...

证券研究报告 海外科技 行业定期报告 证券分析师 郑嘉伟 S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 S1350524060002 yubinglin@huayuanstock.com 联系人 郑冰倩 S1350124050014 zhengbingqian@huayuanstock.com 相关研究 2024 年 07 月 16 日 智能驾驶领涨 AI 应用,Web3 重视大选催化不断 ——海外科技周报(24/07/08-24/07/12) 投资要点: ➢ 海外 AI:本周 7 月 9 日~7 月 11 日在美国旧金山举办美国西部半导体展览会(semicon west),本届展 会共有来自 27 个国家/地区的共 600 多家企业参加。CEO Summit 主题为"投资美国制造业的未来"和 "抓住未来的全球机遇和挑战"。深入探讨美国经济发展和制造业复苏的核心,关键主题将强调投资和建 设设备基础设施以及促进全球增长和创新的承诺。国际半导体产业协会(SEMI)在大会上发布报告中宣 布,今年全球半导体制造设备销售额预计将达到 1090 亿美元,同比增长 3.4% ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage due to the favorable price mechanism and declining gas source costs, which enhance the stability of its urban gas business [6][10]. Core Viewpoints - The company has a clear business structure, expanding its urban gas operations from Shenzhen to surrounding provinces, with a robust profitability profile. As of the end of 2023, the company had over 7.63 million natural gas users, with a pipeline natural gas sales volume of 4.84 billion cubic meters, representing an 18.28% year-on-year increase [6][19]. - The demand side benefits from the adjustment of base costs, allowing the recovery of high procurement costs not previously passed on to downstream customers, which is expected to enhance profit margins [6][12]. - On the supply side, the company anticipates a recovery in gross profit margins due to the decline in natural gas prices and the completion of new projects that will increase LNG sales capacity [6][40]. Summary by Sections From Shenzhen to Nationwide - The company, established in 1996, has transitioned from primarily urban gas operations to a comprehensive clean energy operator, achieving a revenue of 30.93 billion yuan in 2023, a 2.88% increase year-on-year [17][19]. Urban Gas Business Benefits from Supply and Demand - The urban gas business is set to benefit from a dual advantage of price mechanism adjustments and declining gas source costs, with a significant increase in sales volume expected [29][43]. - The company has successfully expanded its urban gas operations to 11 provinces, with a notable increase in user numbers and sales volume [19][36]. Comprehensive Energy and Smart Services - The comprehensive energy and smart services segments have shown steady growth, contributing significantly to the company's profitability. The smart services segment saw a revenue increase of 33.97% in 2023 [7][22]. - The company has invested in various projects, including solar energy and smart gas services, which are expected to bolster its revenue streams [21][22]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 1.518 billion, 1.649 billion, and 1.800 billion yuan, with corresponding growth rates of 5.4%, 8.6%, and 9.2% [10][11]. - The current stock price corresponds to a PE ratio of 13, 12, and 11 for the years 2024-2026, indicating a favorable valuation compared to peers [10][11].